GT Capital Core Net Income Jumps 7% In Q1-2024 To PHP7.06 Billion

GT Capital Holdings, Inc. logged a 7% jump in its core net income to PHP7.06 billion for the first quarter of 2024, up from PHP6.56 billion in the previous year.

Associate Metro Pacific Investments Corporation (MPIC) also contributed to GT Capital’s robust performance during the period. I Photo: GT Capital

The conglomerate’s consolidated net income likewise grew by 7% to PHP7.11 billion from PHP6.64 billion in the same period last year, it disclosed to the Philippine Stock Exchange (PSE).

GT Capital's upward profitability was driven by its operating companies, led by Metrobank, which accounted for PHP12.0 billion of the conglomerate’s net income, followed by Toyota Motor Philippines with PHP4.0 billion, AXA Philippines Life and General Insurance Corporation with PHP728.0 million, and Federal Land, Inc. with PHP291.0 million.

Associate Metro Pacific Investments Corporation (Metro Pacific) also contributed to GT Capital’s robust performance during the period.

Carmelo Maria Luza Bautista, President of GT Capital, said, “The healthy growth rates GT Capital realized during the first quarter of 2024 are as expected. We are encouraged by the quality and persistency of our core earnings growth on top of the prior year’s historical high levels.”

Metrobank President Fabian S. Dee commented, “Our strong commitment to our customers is at the center of our growth strategy. We will consistently offer tailored financial solutions that directly address the needs and goals of those we serve to help them build a more prosperous future.”

Toyota Motor Philippines President Masando Hashimoto added, “TMP’s performance during the first three months of this year was driven by the favorable market acceptance of the company’s wide and varied vehicle model offerings. This encourages us to continuously provide ever-better passenger cars and commercial vehicles, paired with worry-free after-sales and value chain services, to tailor-fit the mobility requirements of Filipinos across the country.”